Even though gold and related equitives have pulled back since then, traders are active in the AUY March 8 calls, buying more than 10,000 contracts in just the first 30 minutes of today's session, according to OptionMonster's tracking systems.

Yamana stock is down nearly 7 percent in midday trading to $8.40, well above its $3.31 low from November but some 58 percent off its 52-week high. The price of gold is falling for its second consecutive day to around $970 an ounce.